Add one of the world's largest hedge funds to the list of winners from one of the world's largest trading bungles.

Brevan Howard Asset Management's Credit Catalyst Master Fund is up almost 10% this year, and its credit-default swap bets against JPMorgan Chase's huge trades in that space are a big part of the reason. "Both mortgage and corporate strategies were profitable in July, with the majority of the fund's gains attributable to the mortgage strategies." Brevan Howard bought a large number of the CDS sold by JPMorgan's "London whale," trader Bruno Iksil, CNBC reports.

Those trades could wind up costing JPMorgan some $9 billion. Other hedge funds to profit from the bank's pain include Hutchin Hill Capital, Saba Capital Management and BlueMountain Capital Management, which was also employed by JPMorgan to help it unwind the disaster.

Credit Catalysts manages US$2.76 billion. It is up 9.46% through August after posting returns of 34.8%, 13.45% and 1.22% over the last three years.

Brevan added that it is confident the fund is positioned to increase its gains as the year wanes.

"The fund continues to find more credit-sensitive securities with strong carry and further upside catalysts," it wrote. "The fund did sell a portion of its RMBS that hit price targets in July, but has continued to find further opportunities offering strong risk-reward characteristics."